Events:
According to the company's quarterly report for 17 years, in the first three quarters, the company realized operating income of 1.093 billion yuan, an increase of 53.19% over the same period last year; net profit belonging to shareholders of listed companies was 37.03 million yuan, an increase of 77.43% over the same period last year; and EPS 0.286 yuan. Of this total, Q3 achieved an operating income of 400 million yuan in a single quarter, an increase of 37.26 percent over the same period last year; the net profit attributed to shareholders of listed companies was 20.797 million yuan, an increase of 85.82 percent over the same period last year.
Comments:
1. Q3 company's transfer of intangible assets has thickened its performance, and the prices of major products have increased significantly compared with the previous month.
The company is a listed company controlled by Petrochina Company Limited, mainly engaged in the development, production and sales of new petrochemical materials, fine chemicals and medical and health products. There are 100000 tons of cracking C5 separation, 100000 tons of cracking C9 separation, 30,000 tons of modified engineering plastics, 30,000 tons of polypropylene and other major equipment.
The sales revenue of Q3 company increased by about 12% month-on-month, mainly due to the significant increase in the price of Q3 company's main products such as C9/C5 petroleum resin. The quarterly performance is due to the improvement of the price gap on the one hand and the transfer of Wuhudan capsule new drug technology to Yangzijiang Pharmaceutical Company on the other hand, and the transfer income is confirmed in the third quarterly report as non-operating income, increasing the profit by nearly 10 million yuan. The significant improvement in performance compared with the same period last year is due to the low base caused by the small production and sales volume of polypropylene continuous production units in the same period last year.
2. Pay attention to the only remaining capital operation platform of Petrochina Company Limited Group in A shares.
Since the implementation of Petrochina Company Limited Group's comprehensive deepening reform and the establishment of the restructuring framework plan for engineering construction business in the first half of 2016, the pace of state-owned enterprise reform has been significantly accelerated and important steps have been taken in professional restructuring.
In September 16, Petrochina Company Limited Group injected its financial business assets into * ST Jichai, and changed its name to "PetroChina Capital" in February 17 and officially listed for trading on the Shenzhen Stock Exchange. PetroChina Capital holds equity in a number of financial business assets, and the company's business scope covers financial companies, banks, financial leasing, trust, insurance, insurance brokerage, securities and other financial business. At the same time, in September 16, * ST Tianli issued a major asset restructuring plan, according to the internal development strategy of Petrochina Group, using * ST Tianli as the listing platform to inject the main assets of Petrochina Group's engineering construction business into listed companies. On February 17, 17, * ST Tianli officially changed its name to "PetroChina Engineering" and listed on the Shanghai Stock Exchange. At present, CNPC is mainly engaged in engineering design, project contracting and project construction in the fields of oil, natural gas and chemical industry. The main business of listed companies has been changed to oil and gas field surface engineering services, storage and transportation engineering services, refining and chemical engineering services, environmental engineering services, project management services as the core of petroleum engineering design, construction and general contracting and other related engineering construction business.
At present, the unlisted assets and business of Petrochina Company Limited Group are mainly engineering and technical services (upstream exploration oil service business), oil equipment manufacturing, scientific research and institutions and other businesses according to the caliber of the company. Due to the lack of resources of the listed companies under Petrochina Company Limited Group, Daqing Huake is the only capital operation platform left by Petrochina Company Limited Group A shares. The expectation of asset restructuring is relatively strong, and the value of the platform is prominent.
Investment suggestion
Based on the actual operating results in the first three quarters, we estimate that the net profit belonging to the shareholders of the listed company in 17-19 is 43 million yuan, 50 million yuan and 58 million yuan respectively, and the EPS is 0.33,0.38 and 0.45 yuan respectively. The current stock price corresponds to 74.6,64.1 and 55.3 times of PE. At present, the company is the only remaining capital operation platform of Petrochina Company Limited Group in A-shares, and its core value lies in its asset restructuring expectations. As it is not clear when it is expected to be realized, it will not be given investment rating for the time being.
Risk Tips:
The capital operation platform is expected to fail.